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Instructions Prepare a classified bal ance sheet in good form. (No monetary amounts are to be shown.) P5.2 (LO 2) Excel items for Montoya, Inc. for the current year, 2020. (Balance Sheet Preparation) Presented below are a number of balance sheet $ 125,000 177,591 Accumulated depreciation-equipment Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings Goodwill $ 292,000 239,800 Payroll taxes payable Bonds payable Discount on bonds payable 300,000 45,000 98,362 15,000 360,000 480,000 Cash 480,000 200,000 Land Notes receivable Notes payable (to banks) Accounts payable Retained earmings Income taxes receivable Notes payable (long-term) 445,700 150,000 265,000 87,920 490,000 1,470,000 121,000 270,200 97,630 1,600,000 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and pre- ferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short- term, unless stated otherwise. Cost and fair val ue of debt investments (trading) are the same.

Instructions Prepare a classified bal ance sheet in good form. (No monetary amounts are to be shown.) P5.2 (LO 2) Excel items for Montoya, Inc. for the current year, 2020. (Balance Sheet Preparation) Presented below are a number of balance sheet $ 125,000 177,591 Accumulated depreciation-equipment Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings Goodwill $ 292,000 239,800 Payroll taxes payable Bonds payable Discount on bonds payable 300,000 45,000 98,362 15,000 360,000 480,000 Cash 480,000 200,000 Land Notes receivable Notes payable (to banks) Accounts payable Retained earmings Income taxes receivable Notes payable (long-term) 445,700 150,000 265,000 87,920 490,000 1,470,000 121,000 270,200 97,630 1,600,000 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and pre- ferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short- term, unless stated otherwise. Cost and fair val ue of debt investments (trading) are the same.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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P5.2
**Instructions** Prepare a classified balance sheet in good form. (No monetary amounts are to be shown.) **P5.2 (LO 2) Excel (Balance Sheet Preparation)** Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020. - **Assets:** - Goodwill: \$125,000 - Cash: \$360,000 - Land: \$480,000 - Notes receivable: \$445,700 - Income taxes receivable: \$97,630 - Inventory: \$239,800 - Prepaid expenses: \$87,920 - Equipment: \$1,470,000 - Debt investments (trading): \$121,000 - Buildings: \$1,640,000 - **Liabilities:** - Payroll taxes payable: \$177,591 - Bonds payable: \$300,000 - Discounts on bonds payable: \$15,000 - Notes payable (to banks): \$265,000 - Accounts payable: \$490,000 - Notes payable (long-term): \$1,600,000 - Rent payable (short-term): \$45,000 - Income taxes payable: \$98,362 - Rent payable (long-term): \$480,000 - **Equity:** - Common stock, \$1 par value: \$200,000 - Preferred stock, \$10 par value: \$150,000 - Retained earnings: ? - **Accumulated Depreciation:** - Equipment: \$292,000 - Buildings: \$270,200 **Instructions** Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same.
Transcribed Image Text:**Instructions** Prepare a classified balance sheet in good form. (No monetary amounts are to be shown.) **P5.2 (LO 2) Excel (Balance Sheet Preparation)** Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020. - **Assets:** - Goodwill: \$125,000 - Cash: \$360,000 - Land: \$480,000 - Notes receivable: \$445,700 - Income taxes receivable: \$97,630 - Inventory: \$239,800 - Prepaid expenses: \$87,920 - Equipment: \$1,470,000 - Debt investments (trading): \$121,000 - Buildings: \$1,640,000 - **Liabilities:** - Payroll taxes payable: \$177,591 - Bonds payable: \$300,000 - Discounts on bonds payable: \$15,000 - Notes payable (to banks): \$265,000 - Accounts payable: \$490,000 - Notes payable (long-term): \$1,600,000 - Rent payable (short-term): \$45,000 - Income taxes payable: \$98,362 - Rent payable (long-term): \$480,000 - **Equity:** - Common stock, \$1 par value: \$200,000 - Preferred stock, \$10 par value: \$150,000 - Retained earnings: ? - **Accumulated Depreciation:** - Equipment: \$292,000 - Buildings: \$270,200 **Instructions** Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same.
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